Audit

Audit

An audit increases the credibility of a company's financial statements. For this purpose, the audit report includes an opinion on whether the financial statements are in compliance with financial reporting standards underlying the preparation thereof. Generally, an audit is required by regulatory bodies, banks, creditors, potential buyers, and investors.

Review of financial statements

A review is narrower in scope than an audit, so the level of assurance it offers is limited. Verification procedures used in a review focus on analytical procedures, discussions with company management and investigations that do not provide all the evidence required in an audit engagement, but give the auditor an opportunity to draw a conclusion on compliance of financial statements with a specified general accounting framework. A review of financial statements is performed upon request by company management, creditors, potential buyers or in order to consolidate financial statements at the group level.

Reporting on the basis of agreed procedures ( Agreed Upon-Procedures )

In an assignment based on agreed upon procedures, an auditor performs such procedures concerning the nature of audit and will report findings of facts to the company and any entitled third party.

The Actual Finding Report does not provide an assurance, as in the case of an audit or review, but it helps the beneficiaries assess the organisation's compliance with requirements of certain funding agreements , regulations, standards or specific reporting requirements.

Compilation of financial statements

Compilation is appropriate when a company needs to submit financial information in accordance with a specific financial reporting framework, but it is not necessary to provide an assurance level provided by an audit or review.

In a compilation engagement, the auditor is committed to using its accounting and auditing expertise to collect, classify, and summarize financial information. These techniques reduce the detailed information to an intelligible and easy-to-use format without the requirement of verifying management assertions underlying that information.

Our approach

Our teams are made up of qualified auditors as well as specialists in taxation and information technology. In this way, we can ensure integrated risk coverage that you encounter in running the company. You will benefit from collaborating with a team dedicated exclusively to you, consisting of specialists with a extensive professional experience. The audit will be conducted so that the main risks faced by the company become our audit objectives, which are addressed with priority during the engagement. Our intent is to understand the company's internal control system in the context of the audit and, where necessary, to provide recommendations for potential improvements. In establishing our approach, we will use experience gained when auditing other companies in similar business sectors.

Criteria for choosing the financial auditor - In our opinion, the key criteria for choosing an auditor are experience, professional ability and technical expertise offered, as well as a proactive, creative and practical attitude toward all aspects of the company’s activities. Be confident that the auditor keeps all company information confidential and stricly adheres to profession’s ethical framework. The confidence given to the auditor is based on confidentiality and strict adherence to the professional ethics framework.

About us

APEX Team is made up of experienced consultants, available to assist customers and provide a diverse range of accounting and payroll services. Our consultants have abundant experience with international clients from different fields.
 

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CONTACT US

APEX Team International

Address: Strada Helesteului, nr. 17

Sector 1, 011986, București

Phone: +40 318 09 2739 (APEX) 

+40 745 20 2739 (APEX)

Fax:  +40 318 057 739

Email:  office@apex-team.ro

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